Regeneron Pharmaceuticals has declined to submit a new bid for genetic testing company 23andMe exceeding its original winning bid of $256 million, a company spokesperson told Reuters on Monday. WHY IT'S IMPORTANTCo-founder Anne Wojcicki is set to regain control of 23andMe after a $305 million bid from a nonprofit she controls topped Regeneron's offer for the DNA-testing company in a bankruptcy auction.

Regeneron is backing away from buying the DNA-testing company after a nonprofit controlled by co-founder Wojcicki made a higher bid.

The genetic testing company 23andMe is poised to be sold to a nonprofit run by the company's former chief executive Anne Wojcicki.